How Much Does Holding A Property Cost in Hawaii?

Are you holding on to a property in Hawaii and you aren’t exactly sure why? Every day that you continue to own the property, you are spending money on it. Before you hold on to it for another day, consider the below points. It might be time to think about selling your Hawaii home! How much does holding a property cost in Hawaii? Keep reading to find out!

Ask any property flipper and they will tell you this: the faster you make the flip, the more money you will make. Plain and simple, owning real estate costs money. And if you are holding on to the property for sentimental reasons or because you “might” use it one day, you are only throwing your money away. The property you own should be working for you NOW. It can be your primary residence, providing a monthly income, or be used for recreational purposes. If your Hawaii house isn’t doing one these things, it might be time you consider selling it!

Costs of Holding A Property In Hawaii

Property Taxes

Property taxes can be high With recent changes to the tax code, they are no longer deductible either. As long as you are listed as the owner of the home, you will be responsible for the taxes on it. By selling your house in a timely manner, you can immediately end your tax obligation for the home.

Utilities

Monthly utilities add up quickly. If you were to add up the amount you’ve spent on electricity, water, gas, tv, and internet you might be surprised at how high that number is. Even if you aren’t residing in the home while selling it, you will still need to keep the lights and the water on for the people who come to see your house. If your house is older and less energy efficient, you are likely to have utility bills significantly higher than what you would find in a new home.

Maintenance & Repairs

A good rule of thumb for maintenance costs is the one percent rule. This rule states that you should plan to spend about one percent of your purchase price on maintenance each year. For example, if your house was purchased for $250,000, you should plan to spend about $2,500 on home maintenance each year. Of course, these numbers can vary widely, but many investors use this formula to estimate costs.

Homeowners Insurance

The premium for a homeowners insurance policy will vary based on the house and its location. You can expect to pay over $1000 annually for an average Hawaii home.

Mortgage Payments

It can be difficult to come up with a mortgage payment each and every month for a property you don’t want to own. The average mortgage payment nationwide is well over $1000 each month. Some people are struggling to pay thousands of dollars each month when in reality they would be much better off selling the property.

Opportunity Costs

What else could you be doing with the money you have tied up in the house? You could very well be missing out on a better home or investment opportunity. Look around at what else is out there and decide if you are truly happy with your current situation. If your property isn’t doing anything for you, it might be time to find something new!

As you can see, selling your home now as opposed to later can help you keep more money in your pocket. For every day you continue to own it, you will also continue having to be financially responsible for it. The bills and maintenance costs add up quickly. Run the numbers for yourself and make the decision that makes the most sense for you!

Are you holding onto a property you aren’t using? We can help! Send us a message or give us a call today! (808) 333-3677

Oahu Home Buyers is your local Honolulu-based real estate company dedicated to helping Oahu and neighbor island homeowners who need a solution for their house or mortgage trouble. If you need to sell your house in Hawaii, then ask us for a free, fast 'as is' cash offer for your property. All types, all situations. We're here to help. We buy houses from homeowners just like you!

Hear What Others Have To Say…

Oahu Home Buyers

“Due to circumstances I made a decision to sell my property but didn’t want all the headaches of doing renovations, listings, staging & etc. After much consideration & discussions I did a private sale with Oahu Home Buyers. Michael Borger & his escrow team were very professional, responsive, and easy to work with which made the process pretty stress free.”

Robert N.

Oahu Home Buyers

Mike was able to help with the purchase of our house. I contacted him a year before we moved and he kept in touch throughout the year. We were allowed to leave when we wanted and got our money within days of leaving. Our old townhouse looks wonderful and that is thanks to Mike and his team. I would recommend to anyone looking to move and doesn’t want to hassle with dealing with realtors.

Joseph Rios, Waikele HI

Oahu Home Buyers

“Thank you so much for helping me with this property, was in foreclosure now I’m FREE.”

Joseph Fearon Jr, Ewa Beach HI

Oahu Home Buyers

“Dear Michael…. I want to thank you so much again for taking our case. You were a joy to work with, prompt, personal, kind and professional. It was an incredible relief… to have all this stress taken off our shoulders so rapidly, professionally, and may I repeat again, kindly. I am forever grateful to you.“

Kathryn Moerke, Honolulu HI

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Aloha. We are an Oahu, Hawaii real estate solutions and investment firm based in Honolulu, Hawaii that specializes in helping homeowners sell problem houses fast. We are not realtors, we are real estate investors and problem solvers who can buy your house fast on Oahu or neighboring Hawaiian Islands with a fair all-cash offer.